NREL Report Shows Utility-Scale Solar PV System Cost Fell Nearly 30% Last Year September 12, 2017 Record-low costs enabled by decline in module and inverter prices The installed cost of solar power fell to record lows in the first quarter of 2017 because of the continuing decline in photovoltaic (PV) module and inverter prices, higher module efficiency, and lower labor costs, according to an analysis by the U.S. Department of Energy’s (DOE) National Renewable Energy Laboratory (NREL). While utility-scale solar costs have declined nearly 30 percent, residential- and commercial-scale solar system prices have lagged behind at 6 percent and 15 percent reductions, respectively, according to a new report, “The U.S. Solar Photovoltaic System Cost Benchmark: Q1 2017 ,” by NREL’s Ran Fu, David Feldman, Robert Margolis, Michael Woodhouse, and Kristen Ardani. The report shows that th...